In this talk below Professor Yanis Varoukafis argues for the Basic Income. He says that the welfare state in Europe and the New Deal in the USA has come to an end and can't be recovered. This is due to financialization', where the banking sector is now sucking all the wealth out of society. Also, for the first time in history modern technology and engineering are taken away people's jobs without creating new ones.
Yanis Varoukafi seems to indicate the bankers have wedged themselves in between capital and industry and can't be removed, so there is a risk they will eventually extract too much wealth out and bring down the whole system. Then the parasites would have devoured their host.
I don't think the Basic Income would discourage anyone from working because people enjoy work as long as they a not constantly harassed and overwhelmed by it. In the present day far too many people are working very long hours and driving themselves into the ground, burning themselves out. Now these people have come to hate work.
Some say the Job Guarantee is better, but Professor Varoukafis says that people should in a position where they are able to turn down work that they don't want. In the old days you wasn't forced to work for other people because you could always just farm your own bit of land, or your family's land, and earn a reasonable living that way. But now people are very desperate because they have no other means to support themselves and so will work for any wage. And without an escape route out of the system wages can only fall.
The One Percent have wedged millions of people hard into a very tight place and now they are caning it for all its worth. And their economic professors at the leading universities are paid handsomely to spew out constant propaganda and nonsense about 'how markets work to keep the system rigged in favor for their masters.
Yanis Varoufakis’ amazing reframe of Basic income
What is really significant about this presentation is the creation of an alternative view of wealth creation which he brings about through reframing the concept of how most people think about wealth.
In the United States, it is a common concept that governments tax individuals, small businesses, and large corporations, and in doing so take wealth from those who create it, and then redistribute that wealth through governmental programs—programs which some people want and other people don’t want.
Yanis Varoufakis turns this dominant view of wealth creation around completely. He cites the iPhone as an example. He said that every part of an iPhone was created by some kind of government grant. Then, he says, after investment and technological innovation by the public, it is then sold, or given to private sector businesses which then make profits from it for executives and investors.